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21 - 40 of 44 Comments Last updated Feb 21, 2013
Paul Revere

Manchester, KY

#21 Feb 17, 2013
Zippy, I think you mean't to call it the Democrat Housing Scandal Market Crash of 2008. But, be that as it may, Obamacare DOES NOT provide healthcare for everyone. That's a lie. And for those who don't have a job and can't afford to buy a healthcare policy, they will get fined by the government but, still won't have healthcare.

You want to solve the healthcare problem? Or do you want to centralize even more power in Washington? I think we all know what Zippo and the Demwits want. But, for a real solution, how about we listen to a world reknowned medical professional...

http://beforeitsnews.com/tea-party/2013/02/vi...

It didn't take long for liberals (and even some Republicans) to start trying to destroy the Dr's reputation following his brilliant speech at the National Prayer Breakfast. Gotta keep the people under your thumb, right Zippy???
zipyourlip

Science Hill, KY

#22 Feb 19, 2013
Wall Street’s Misdeeds Cost Trillions, But It’s Main Street Who’s Getting Nickel-and-Dimed
by Richard Eskow

Take a look at these two sentences:

“(I)f losses from the 2007- 2009 crisis were to reach similar levels (as they did in previous recessions)… losses could exceed $13 trillion.” Government Accountability Office

“You would think that any regulation that could affect a major part of the economy and cost industry and/or consumers millions of dollars to comply with would be based on rigorous and consistent economic analysis.” David C. Johns, Heritage Foundation

In the face of trillion-dollar losses, Wall Street’s conservative spokespeople sound like Dr. Evil presenting his demands to world leaders: I will destroy the planet unless you give me … one million dollars.

The Price of Greed

The other day the GAO released a report on the costs of the 2008 financial crisis and the recession which followed – which is still going on for millions of Americans. The report confirmed and even increased previous estimates of the crisis’ cost, concluding that losses in American output could reach $13 trillion.

The report did something else that was important and admirable, too: It considered the human cost of the recession, noting that “real GDP”– the most commonly used economic measure in situations like these –“is an imperfect proxy of overall social welfare.”

That’s especially true today: While overall statistics show that our country is in a recovery, the top 1 percent in US income captured 121 percent of the gains, while everyone else has actually lost ground since then. Once that’s considered, even the GAO’s new figures may have understated the costs for the vast majority of Americans.

But, admirably, the GAO report summarizes the painful but now well-known loss of jobs in the present – and, especially for younger people, the earnings potential that they will suffer for the rest of their lives.

Homeowners Are Financing a Backdoor Bailout

The GAO also estimates the loss in housing value for American families, which it pegs at $9.1 trillion, noting that “national home equity was approximately $3.7 trillion less than total home mortgage debt.”

What they’re describing is nearly four trillion dollars in money that Americans owe to their banks for real estate value that no longer exists. They base that number on December 2011 figures, and it will have changed by now – both because some real estate markets have picked up, and because millions of homeowners have been foreclosed upon. But the figure is still in the $3 trillion range.

That’s $3 trillion in debt that homeowners took because the banks a) systematically drove up the costs of housing by lowering underwriting standards and creating a boom in mortgage-backed securities, b) knowingly bilked investors by selling them lousy risks (which the so-called “credit rating agencies” labeled “AAA”), and then c) accepted a government bailout when the inevitable collapse followed.

And in yet another enormous favor to the banks, they continue to carry this worthless value on their books. They collect payments on it, or use it to foreclose on families.
zipyourlip

Science Hill, KY

#23 Feb 19, 2013
Designed by a Committee

The GAO report’s conclusion is all the more astonishing, since it was produced by a committee which included a number of relevant “stakeholders”: A major institutional investor (from the California Public Employees’ Retirement System); bankers, financiers and hedge funders from institutions like Goldman Sachs, Deutschebank, and Black Rock; the pro-99 percent Americans for Financial Reform; along with Paul Volcker, Sheila Bair and other subject matter experts.

...behind the “some experts believe” language is an inescapable conclusion: The 2008 crisis cost the US economy in excess of $10 trillion, and possibly more than $13 trillion.

That means the report’s filled with “he said/she said” counterpoint on even relatively non-controversial matters. But behind the “some experts believe” language is an inescapable conclusion: The 2008 crisis cost the US economy in excess of $10 trillion, and possibly more than $13 trillion.

What’s more, there’s very little controversy about the fact that it will happen again. Even Jamie Dimon, the JPMorgan Chase CEO who has appointed himself to be unapologetic face of Wall Street excess, agrees. He proudly told a Congressional hearing that when his little daughter asked him “What’s the financial crisis?” he answered “It’s something that happens every five or seven years.”

Recurring crises are part of their business model. And while every crisis won’t all cost $10 trillion or $13 trillion, one will eventually come along that costs much more.

Hired Guns

Banks are deploying every possible argument to prevent that from happening. The latest is to ensure that bank-subservient Republicans block funding for any agency that’s been tasked with monitoring bank activity.

Before we get to the Republicans, though, did you happen to see this story?“Former U.S. Sen. Kent Conrad has signed on with the national Campaign to Fix the Debt,” it says.

“Fix the Debt’ is a covert lobbying group for big banks, defense contractors, and individual billionaires. When it comes to corporate buyouts, members of both parties are available. Democrat Conrad spent years telegraphing his support for the corporate agenda.

As we like to say,“bipartisan” is a Washington code word for “buying members of both parties.”
It now appears that the Republican Party has become a wholly-owned subsidiary of Wall Street. They’re blocking the funds to implement the Dodd/Frank bill. That bill’s reforms fall short of what’s truly needed to end Wall Street’s destructive rampage, but it’s a step in the right direction – which means that, for the GOP and its parent companies, it’s a step too far.

Mad-Hatter Economics

You have to be pretty shameless to say something like this:“The Committee will seek to ensure that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act in order to strike an appropriate balance between prudent regulation and economic growth.”

That was Republican Representative Jeb Hensarling, echoing the right-wing line: Can’t spend millions to protect us from losses in the trillions. Meanwhile the SEC is begging for funds, as are the other agencies charged with implementing Dodd/Frank.

...as Washington argues about whether it should spend millions to save Main Street’s residents trillions, both parties are reportedly open to a budget agreement that would cut $130 billion in Social Security benefits for the elderly and disabled over the next ten years (according to White House estimates). In Washington that’s an acceptable “buy-partisan” solution.

But the ultimate in tortured pro-bank logic is a bill called the “Financial Regulatory Responsibility Act,” which has been floating around the Hill since its introduction in 2011. It would require regulators to prepare lengthy analyses of the cost of enacting new regulations, and then to submit their economists to a politicized interrogation before Congress.
zipyourlip

Science Hill, KY

#24 Feb 19, 2013
This bill’s just another tactic for delaying and obstructing urgently-needed reform, and the arguments wear thin before the sentences are even completed.“American job creators are under siege from the Dodd-Frank Act,” said cosponsoring Senator Richard Shelby.“In their rush to expand the reach of government into our private markets, Congressional Democrats refused to consider the impact of the Dodd-Frank Act on economic growth or job creation.”

With 20 million jobs lost worldwide after the 2007/2008 crisis, this is hardly a strong argument for the defense. If these guys are such great “job creators,” where are the jobs?

Pay Now and Pay Later

But if the “Financial Regulatory Responsibility Act” can’t be understood in logical terms, it can certainly be understood in financial ones – especially for its Congressional sponsors, who bask in campaign contributions and look for to Conrad-like sinecures upon leaving office. Organizations lobbying for the bill include the American Bankers Association, the US Chamber of Commerce, the Managed Funds Association, and a wide range of financial and insurance companies.

As the saying goes: Follow the money.

And as Washington argues about whether it should spend millions to save Main Street’s residents trillions, both parties are reportedly open to a budget agreement that would cut $130 billion in Social Security benefits for the elderly and disabled over the next ten years (according to White House estimates). In Washington that’s an acceptable “buy-partisan” solution.

But, especially for the Republicans, it isn’t acceptable to ask the bankers who cost Americans trillions of dollars – and walked away wealthy – to spend millions to prevent another trillion-dollar crisis.

After all, they might have to spend one million dollars.
© 2013 Campaign for America's Future
Richard Eskow

Richard (RJ) Eskow is a well-known blogger and writer, a former Wall Street executive, an experienced consultant, and a former musician. He has experience in health insurance and economics, occupational health, benefits, risk management, finance, and information technology. Richard has consulting experience in the US and over 20 countries.
zipyourlip

Science Hill, KY

#25 Feb 19, 2013
WINSTON-SALEM, N.C., Feb 19 (Reuters)- North Carolina Governor Pat McCrory on Tuesday signed into law a measure that will cut benefits for jobless workers by about one-third and reduce how long they can collect any aid in a state with the fifth-highest unemployment rate in the country.

The Republican governor said the legislation, the second bill he has signed since taking office at the start of the year, marked an important step toward fixing the state's unemployment insurance system.

The overhaul will allow North Carolina to repay $2.5 billion borrowed from the federal government for unemployment benefits at a quicker pace.

The law, which takes effect on July 1, cuts maximum weekly benefits to $350 from $535 and caps benefits at 12 to 20 weeks, depending on the unemployment rate, instead of the current 26 weeks.

McCrory said the measure "will protect our small businesses from continued over-taxation, ensure our citizens' unemployment safety net is secure and financially sound for future generations, and help provide an economic climate that allows job creators to start hiring again."

Critics said the harsh nature of the cuts would harm some of the state's most vulnerable residents. North Carolina has more than 400,000 jobless workers, making its 9.2 percent unemployment rate higher than the national average of 7.9 percent, according to the U.S. Bureau of Labor Statistics.

"Hundreds of thousands of jobless workers thrown out of work through no fault of their own will face deepening poverty as a result of this decision," the North Carolina Justice Center, a social justice advocacy group, said in a statement after the bill signing on Tuesday.

"North Carolina's legislature and governor chose to permanently cut benefits, reduce employers' contributions over time, and reject $700 million in federal extended benefits," the center said.

About 170,000 long-term unemployed workers in North Carolina will lose out on extra federal funds under the new law, according to the U.S. Department of Labor.
Paul Revere

Manchester, KY

#26 Feb 20, 2013
More far-left, liberal garbage copied & paisted word for word from the Huff-Puff Post.
Don't waste your time reading it. I didn't.
zipyourlip

Sheridan, AR

#27 Feb 20, 2013
What's really happening is that Democrats have grasped a fundamental attribute of the digital age -- information is easy to share -- and have understood that the best way to take advantage of this special quality is set up a structure in which "smart people" are allowed to operate freely in an environment where information flows fluidly........words for you to begin to live by Paul. Breitbart's, lies are very easy to counter for those with the ability to read. Unfortunately that age of information is hard for most right wingers to comprehend, lol! That's why the internet is a tough place for the teabagger nazis to spread their fabrications.
Paul Revere

Manchester, KY

#28 Feb 20, 2013
No, Zippy you just go running to a liberal rag like the Huff-Puff post every single chance you get, hit the "left click" button, highlight an article you feel makes your argument then, click "copy" and drop into a thread on this board. That way, you don't actually have to have a cogent thought.
You then sprinkle in a few vile Democrat fallback metaphors like comparing conservatives to "nazis" or a sophmoric mischaracterizing of the term "TEA Party" and you feel like you've created a witty and condescending response.
The fact is, everytime you do that you further reveal yourself to be an empty suit who's only retort is to regurgitate tired old liberal garbage. Actually, you're not even THAT sophisticated because you rely on OTHERS to write for you.

What's incredibly ironic about liberals like you Zippy is that it is those on the left that like to refer to Conservatives as "mind numbed robot listeners of talk radio" when, infact it is they who are the sheep.

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#29 Feb 20, 2013
Boy, this is some good banter, LOL!

That said, I have a question for each of you:

Paul:

Why were there no jobs created when the wealthy got the tax break they said they needed to create them? I've asked this several times on different threads and received no answer....perhaps you can help me.

Zippy:

Why hasn't Barry got gas lowered and why hasn't he at least remedied some of the Bush fiasco? Why were they pushing for loans to folks who couldn't afford them? He's had time.

I keep telling you guys, it's BOTH your faults.....we need middle of the road, common sense approach.

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#30 Feb 20, 2013
Pelosi may just be the only bigger dumb*** than Mitch McConnell in DC.....that's saying a mouth full.....
zipyourlip

Sheridan, AR

#31 Feb 20, 2013
zipyourlip

Sheridan, AR

#32 Feb 20, 2013
JumperJuice wrote:
Boy, this is some good banter, LOL!
That said, I have a question for each of you:
Paul:
Why were there no jobs created when the wealthy got the tax break they said they needed to create them? I've asked this several times on different threads and received no answer....perhaps you can help me.
Zippy:
Why hasn't Barry got gas lowered and why hasn't he at least remedied some of the Bush fiasco? Why were they pushing for loans to folks who couldn't afford them? He's had time.
I keep telling you guys, it's BOTH your faults.....we need middle of the road, common sense approach.
The oil answer is easy, supply and demand, right? America is producing more crude, and new mpg standards for automobiles have driven U.S. consumption downward. The oil conglomerate has prices right where they want them, as evidenced by the fact that there are no new refineries being built to increase gasoline supply to lower costs for consumers. Record profits are more important than serving the public. The second part as far as I can tell was when the mortgage companies and banks started using sub-prime loans that had ballooning rates. People were taken advantage of in my opinion, and when millions lose their jobs from an economy that was built with a "house of cards" the fault lies with those (Phil Gramm (R) Texas) that deregulated the banking sector to allow the insanity. President Obama can't fix the mess by Presidential decree, Congress has to earn the money that the American voters have sent them to Washington to do. I figure you read the Wall St. piece I posted, you seem to have a little more intellectual curiosity than Paul.

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#33 Feb 20, 2013
zipyourlip wrote:
<quoted text>The oil answer is easy, supply and demand, right? America is producing more crude, and new mpg standards for automobiles have driven U.S. consumption downward. The oil conglomerate has prices right where they want them, as evidenced by the fact that there are no new refineries being built to increase gasoline supply to lower costs for consumers. Record profits are more important than serving the public. The second part as far as I can tell was when the mortgage companies and banks started using sub-prime loans that had ballooning rates. People were taken advantage of in my opinion, and when millions lose their jobs from an economy that was built with a "house of cards" the fault lies with those (Phil Gramm (R) Texas) that deregulated the banking sector to allow the insanity. President Obama can't fix the mess by Presidential decree, Congress has to earn the money that the American voters have sent them to Washington to do. I figure you read the Wall St. piece I posted, you seem to have a little more intellectual curiosity than Paul.
Thanks for the answer.

I'm no fan of big government, but the fed should at least encourage some new refineries with incentives or make those bastards build some at the most. If you drop the fuel prices, you can fix some of this economy mess. Goods drop, people have more money to spend instead of putting it all in the gas tank....seems pretty simple to me. To me, it says BOTH parties are in on the oil take, just how I see it. I can't see the MPG argument, diesel is a byproduct of gasoline, and it is around 40 cents higher. The demand is still there for diesel, as trains and semis aren't getting much better MPG. The price of diesle, to me, is PROOF of a fleecing.

Yeah, the arm rates are what you refer to here in your housing theory, correct? I can see that....and I can see what you are saying about the Republicans....and agree. That said, the Dems didn't do it any favors in my opinion.

As for Wall Street, yes, I skimmed the article and I agree with a great deal of it. That said, I watched the Wall Street episode of Ventura's show, and THAT was the telling tale for me. You should YouTube it and watch that sometime. The bit on Goldman Sachs made me want to puke.

Thanks again for your answer, I agree with some, and disagree with some of it (mainly in that there isn't any fault with the Dems).....fair points.
zipyourlip

Sheridan, AR

#34 Feb 20, 2013
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare........JJ, I have asked Paul about the meaning of the preamble to our Constitution, and no answer was ever given. I read that preamble as providing government assistance for the folks who could use a hand up. What say you JJ, because I am pretty sure Paul doesn't want to enlighten us all with his take on it, lol?
Paul Revere

Manchester, KY

#35 Feb 20, 2013
zipyourlip wrote:
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare........JJ, I have asked Paul about the meaning of the preamble to our Constitution, and no answer was ever given. I read that preamble as providing government assistance for the folks who could use a hand up. What say you JJ, because I am pretty sure Paul doesn't want to enlighten us all with his take on it, lol?
Well, nowhere in the Preamble or the Constitution itself is there any displayed intent to care for every aspect of our lives, cradle to grave (GENERAL welfare). In fact, the writings of those who drafted, then signed the Constitution plainly warn against any government becoming too powerful. Many in fact go as far as to say that govt should exist solely at the pleasure of the population they serve. Thus, the line that states "of, by and for the people".
Paul Revere

Manchester, KY

#36 Feb 20, 2013
JumperJuice wrote:
Boy, this is some good banter, LOL!
That said, I have a question for each of you:
Paul:
Why were there no jobs created when the wealthy got the tax break they said they needed to create them? I've asked this several times on different threads and received no answer....perhaps you can help me.
Simple. They are terrified by the continuing mountain of regulation that the Obama administration continues to issue. Add that to the as yet fully unseen effects of Obamacare and it's easy to see why they continue to sit on the sidelines.
The #1 thing govt could do to free up capital (other than scuttle Obamacare) would be to lower corporate tax rates. The US corp tax rates are the highest of any industrialized nation. That would help make America competitive globally and might entice some companies to bring manufacturing back to this country.
Paul Revere

Manchester, KY

#37 Feb 20, 2013
zipyourlip wrote:
<quoted text>The oil answer is easy, supply and demand, right? America is producing more crude, and new mpg standards for automobiles have driven U.S. consumption downward. The oil conglomerate has prices right where they want them, as evidenced by the fact that there are no new refineries being built to increase gasoline supply to lower costs for consumers. Record profits are more important than serving the public. The second part as far as I can tell was when the mortgage companies and banks started using sub-prime loans that had ballooning rates. People were taken advantage of in my opinion, and when millions lose their jobs from an economy that was built with a "house of cards" the fault lies with those (Phil Gramm (R) Texas) that deregulated the banking sector to allow the insanity. President Obama can't fix the mess by Presidential decree, Congress has to earn the money that the American voters have sent them to Washington to do. I figure you read the Wall St. piece I posted, you seem to have a little more intellectual curiosity than Paul.
How did deregulation FORCE (thru intimidation) banks to lend to folks who could never, ever possibly pay for those homes??? Do you think banks WANTED to extend credit to risky customers? That's crazy!
And since when does Congress feel like they have to "earn" the taxpayers money? Most of them...atleast those on the left, think it's theirs to begin with! They keep telling successful high earners they have enough!
And I hope you'll explain WHY oil companies are seeing record profits? Remember, they DON'T set the price of oil...the market does. I'll explain it for you so you don't hurt your tiny liberal brain. When you bring MORE of any product to market, even though your price may not change...your profits will go up simply on a volume basis. This is a free-market principle and a good thing because it encourages competition and creates wealth. And there is NOTHING WRONG WITH WEALTH!

Zippo, your intellectual curiosity stops and ends with the Huff-Puff post. They do all the work for you but, not surprisingly still manage to get it wrong. LOL!

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#38 Feb 20, 2013
Paul Revere wrote:
<quoted text>
Simple. They are terrified by the continuing mountain of regulation that the Obama administration continues to issue. Add that to the as yet fully unseen effects of Obamacare and it's easy to see why they continue to sit on the sidelines.
The #1 thing govt could do to free up capital (other than scuttle Obamacare) would be to lower corporate tax rates. The US corp tax rates are the highest of any industrialized nation. That would help make America competitive globally and might entice some companies to bring manufacturing back to this country.
I hate to tell you this, but this an unacceptable answer. I'll concede that these reasons may hold merit now, but those tax breaks were issued while Bush was still in office ....and no jobs. It seems there's always some excuse from someone, so what was the excuse THEN.

Thanks again ....I appreciate you answering, but I think you and I are thinking of different times....

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#39 Feb 20, 2013
Paul Revere wrote:
<quoted text>
How did deregulation FORCE (thru intimidation) banks to lend to folks who could never, ever possibly pay for those homes??? Do you think banks WANTED to extend credit to risky customers? That's crazy!
And since when does Congress feel like they have to "earn" the taxpayers money? Most of them...atleast those on the left, think it's theirs to begin with! They keep telling successful high earners they have enough!
And I hope you'll explain WHY oil companies are seeing record profits? Remember, they DON'T set the price of oil...the market does. I'll explain it for you so you don't hurt your tiny liberal brain. When you bring MORE of any product to market, even though your price may not change...your profits will go up simply on a volume basis. This is a free-market principle and a good thing because it encourages competition and creates wealth. And there is NOTHING WRONG WITH WEALTH!
Zippo, your intellectual curiosity stops and ends with the Huff-Puff post. They do all the work for you but, not surprisingly still manage to get it wrong. LOL!
Agreed, except for oil. If they're "in competition",then where's the goddamn price wars? I could use a little competitive pricing! If they're taking more product to market, it stands to reason that the logistics, etc. go up, therefore leaving the PROFIT MARGIN stagnant. We're 'not talking record REVENUE, which would make sense by your rationale ....we're talking record PROFIT....which means we're being gouged. There's abso-damn-lutely ZERO excuse for diesel to be higher than gas, the ONLY explanation for that madness is gouging!

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#40 Feb 20, 2013
zipyourlip wrote:
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare........JJ, I have asked Paul about the meaning of the preamble to our Constitution, and no answer was ever given. I read that preamble as providing government assistance for the folks who could use a hand up. What say you JJ, because I am pretty sure Paul doesn't want to enlighten us all with his take on it, lol?
I take it to mean that the fools in Washington work for us instead of big business interests like they do now!

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